Crude Oil Survey- Prices to be slashed in June by Saudi Arabia

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Official Selling Prices is to Asia for Crude Oil is expected to be lower down in June by Saudi Arabia, which is resultant of demand fluctuation due to new wave of Covid 19 along with weak benchmark in Middle East Dubai, as per Crude Oil Survey done by Reuters.

As per expectations Arab light Crude is lowering down 28 cents a barrel for Asian refineries, which will become reduction after December last year 2020. Due to resurge in case in India, got a hit on local fuel demand which causes refineries to reduce run rates and purchase of crude oil at slow level, while dealing at spot purchase for their production schedules.

“(What’s) more important (is) how first week sales for May will pan out. Basis that call will be taken for (crude) nomination,” one of them added. As we can see in India, Govt in states have put local restriction due to second wave of coronavirus infections, preliminary data showed.